The general ledger of FastTrack Racing at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Land Debits Credits $42,500 25,800 115,800 Accounts Payable otes Payable ommon Stock etained Earnings 15,100 30,500 100,000 Totals $184,100 $184 100 The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600 d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500 g. Pay salaries for employee work in the current year, $66,200 h. Pay advertising for the current year, $21,500 i. Pay $2,800 cash dividends to stockholders Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. Itn addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense, Interest Expense, and Supplies Expense. 2. Record each of the summary transactions listed above 3. Post the transactions to the accounts. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year end amounted to S2,800, Accrued salaries at year-end amounted to $2,500. Supplies remaining on hand at the end of the year equal $2,600. 6. Post adjusting entries. 1. Prepare an adjusted trial balance. 8. Prepare an income statement for 2021 and a classified balance sheet as of December 31, 2021. 9. Record closing entries 10. Prepare a post-closing trial balance